Brexit Vote Likely To Mean Lower Gasoline Prices

CHICAGO (CBS) — The Brexit vote has sent gas prices into a slide in Chicago and the rest of the United States.

What a difference a day makes, WBBM’s Steve Miller reports.

Before the Brexit vote, conventional wisdom suggested the United Kingdom would stay in the European Union.

WBBM's Steve Miller

Oil prices rallied.

Patrick DeHaan, senior petroleum analyst at Gasbuddy.com, said he thought that probably signaled the end of falling gasoline prices.

Then the U.K. voted to leave the E.U.

“Without the Brexit vote going the way it did, gas prices would’ve leveled out,” DeHaan said. “But here we are. And retail gas prices are likely to continue dropping at least through the weekend, perhaps into early next week.

“It’s really dependent on if the exodus in stocks and commodities continues on into the next week.”

DeHaan says if you’re traveling around July 4 you might want to hold off on buying gasoline until early next week because he’s predicting sliding prices at least until then.